louisiana land and exploration company

Census Bureau: Population Estimates**Estimated annual The Tax Reduction Act of 1975, Pub. Petitioners are calendar year, accrual method taxpayers. rice, sugar cane, sweet potatoes, cotton, cattle, dairy products; There are generally two types of marketing contracts for the sale of gas. 501, 89 Stat. 95. Ronald H. Louisiana Purchase, 1803; admitted to the Union as the 18th state, Field / Formation: LAKE DES ALLEMANDS / THE LA LAND & EXPLORATION CO U 004: Well Status: DRY AND PLUGGED: Well Type: Township Range Section: 13S 19E 022: Derrick Elevation: Members Only: Kelly Bushing Elevation: 979 (1961), affd. Some thought the major integrated oil companies were reaping excessive oil and gas profits at the public's expense, while reinvesting little of their concomitant tax depletion subsidies in domestic energy production. Such allowance shall not exceed 50 percent of the taxpayer's taxable income from the property (computed without allowance for depletion). (b) PERCENTAGE DEPLETION RATES.The mines, wells, and other natural deposits, and the percentages, referred to in subsection (a) are as follows: (7) 14 PERCENTall other minerals * * * For purposes of this paragraph, the term "all other minerals" does not include. increasing; world famous for the jazz music which grew up in and It appears that the absence of the phrase "minerals from" from paragraph (C) was not an oversight. "We pay 25 percent of the cost," Ford Graham enthusiastically told Dun's Review "and get 40 percent of the income. The company continued to look for new sources of oil and in October 1972 newly named CEO John G. Phillips announced a $75 million offering to finance a new subsidiary, Louisiana Land Offshore Exploration Co. (Lloxy), that would explore for oil and gas in the Gulf of Mexico. This appeal stems from the granting of a motion for partial summary judgment in favor of the Louisiana Land and Exploration Company (LL & E). WebLouisiana Land & Exploration Co/The - Company Profile and News - Bloomberg Markets Bloomberg Anywhere Remote Login Manage Products and Account Information Indices In addition, in December 1976 LL&E acquired the Warrior River Coal Company, owners of a small surface mine in Tuscaloosa, Alabama. Not satisfied? But while business was very good in the late 1970s there were doubts about LL&E's future. Oil and gas have been extracted from wells containing a trace quantity of hydrogen sulfide and from wells containing as much as 90-percent hydrogen sulfide. There are no known limits on the percentage of hydrogen sulfide a well can contain and still remain economically viable as a source of oil and gas. Petitioners rightly assumed that the issue was settled and cannot now justly be required to prove the amount of the depletion deduction to which we have found they are entitled. Foster, announced that The Louisiana Land and Exploration Company is donating to the State of Louisiana the surface rights to its land holdings in the Isles Dernieres chain of barrier And when we're finished we don't own the computer or have the people on our permanent payroll. The extent of the damages, if any, suffered by LL & E must be determined in a further proceeding. The brine water is reinjected into the well. Sec. Sec. WebThe company's petroleum operations are conducted in the continental United States, the federal offshore area in the Gulf of Mexico, the North Sea, Colombia, and Indonesia. The Louisiana Land and Exploration Company LLC revenue is $280.0M annually. Forbes called Copper Range "a company so bad that some analysts wondered whether it was acquired to make Louisiana Land unattractive as a takeover candidate." The Louisiana Land and Exploration Company LLC operates as a subsidiary of ConocoPhillips. Respondent's position in this case thus seems to conflict with his reading of section 613A as expressed in one of his published rulings. The Drillings is a resource for locating where oil and gas leases are and have been. Respondent, however, has entered into a stipulation of facts with petitioner pursuant to which he agreed as follows: Petitioner[s] claimed percentage depletion deductions on sulphur in [their] tax returns in the following amounts: If Petitioner[s'] sulphur production is subject to depletion under section 613(b) of the Code, Petitioner[s] [are] entitled to the sulphur percentage depletion deductions listed above. WebLL E is engaged primarily in exploration for and development of petroleum, natural gas and minerals. Petitioner argues that the definition of "natural gas" in section 613A(e)(2) is intended only to distinguish between hydrocarbon natural gases and crude oil. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT, United States Tax Court.https://leagle.com/images/logo.png. 121 Cong. Finally, respondent's interpretation of section 613A conflicts with normal usage of the term "natural gas" as meaning fuel. Mascrier), Fr. Natchitoches, Cane River Creole National Historical Park in Respondent's position, although technically viable, is supported neither by legislative history nor by common usage of the term "natural gas." Excel Known Addresses for The Louisiana Land & Exploration Co 909 Poydras St New Orleans, LA 70112 Advertisements Source Texas Secretary of State Data last refreshed on Thursday, March 2, 2023 What next? and paper industry; highly productive in agriculture; soybeans, and the applicable percentage (determined in accordance with the table contained in paragraph (5)) shall be deemed to be specified in subsection (b) of section 613 for purposes of subsection (a) of that section. During these years, LL&E did virtually no operating of its oil projects. We, therefore, hold that pursuant to section 613(b), petitioners are entitled to percentage depletion deductions in the amounts stipulated for sulphur produced from oil and gas wells. "The 1970's * * * brought about an abrupt redirection in the Nation's energy policy. Louisiana has 3 personal income tax brackets, ranging from 2 percent to 6 Red, Sabine, and Pearl; highest point Mt Driskill Depletion generally is calculated based on the cost of the property. The typical well stream in the Jay Field contains approximately 8.5 percent hydrogen sulfide and 2.2 percent carbon dioxide. See Rev. Congress responded to this public outcry by repealing the percentage depletion allowance as applied to the major integrated oil companies.". This professionalism is the result of corporate leadership, teamwork, open communications, customer/supplier partnership, and state-of-the-art manufacturing. WebHistorical stocks and bonds, Autographs, Americana, Ephemera, Numismatics and all forms of paper collectibles specializing in Uncancelled bonds Citations are also linked in the body of the Featured Case. The depletable oil quantity is measured in barrels. WebThe company changed its name to St. Mary Land & Exploration Company on October 13, 1992 and then shortly thereafter, went public on the NASDAQ exchange with the ticker symbol MARY. Texaco's argument is based upon isolating the term "sold under" in subsection (a) of Section 105, rather than reading the Section as a whole to determine its meaning. Although it did not expressly hold that "oil and gas wells" means "oil and gas," the Court referred repeatedly to oil and gas production, not the production of minerals from oil and gas wells. Commissioner v. Engle, 464 U.S. at 218. The goal of the legislation was to continue to provide the tax incentive of percentage depletion to small producers and royalty owners to encourage exploration for and exploitation of domestic oil and gas reserves while eliminating such tax incentives for the major integrated oil companies. Instead, we find that the value of the gas within the terms of the leases is a disputed factual issue to be determined at the hearing on damages. Co. Linder Oil Co. A Partnership P.C.S.I. Louisiana, List of colleges and universities in Docket Nos. A literal reading, however, aims the statutory restrictions on percentage depletion at any mineral produced along with oil or gas when the legislative record of section 613A's passage is wholly devoid of mentioning any such important targets. For example, we don't hesitate to use consultants. See 121 Cong. 94-36, 94th Cong., 1st Sess. Under the agreement, LL&E retained a 25 percent working interest and a 20 percent royalty in Texaco's share of production. Here is a summary of how the competitors of The Louisiana Land and Exploration Company LLC compare to one another: Vastar Resources has the most employees (1,151). Section 613A(c) provides limited percentage depletion for independent producers and royalty owners based on a depletable oil quantity of 1,000 barrels per day. In 1989, the company spun off Plum Creek The data are dynamic and may change over time. These diversification adventures were possible in part because of high profits in the oil industry. 1971). In 1946, this original structure was acquired from the Sun Oil Company and transported by barge from Cocodrie, LA to its current location in Paradis. The gaseous effluent, or raw outflow, from the Jay Field wells is referred to as a "sour gas" stream, meaning a stream consisting of both natural gas and hydrogen sulfide with more than one grain of hydrogen sulfide per 100 standard cubic feet of the gaseous mixture. Forbes later criticized the Jacintoport purchase, maintaining that LL&E had gotten into industrial real estate, "just at the time when the play was going out of it along the Gulf Coast.". All the gas involved in this dispute is being used by Texaco to service warranty contracts Texaco entered into with intrastate industrial consumers prior to 1978, when the NGPA was enacted. For the purposes of this subsection, minerals (other than sodium chloride) extracted from brines pumped from a saline perennial lake within the United States shall not be considered minerals from an inexhaustible source. The minerals in the water are not developed for commercial use, and the brine water is reinjected into the well reservoir to maintain pressure. Graham worked hard to keep expenses down. As a result of floor amendments by Senators Kennedy, Hollings, Bentsen, and others, however, the final bill included a provision eliminating percentage depletion for oil and gas wells with certain exceptions primarily for the benefit of small producers and royalty owners. ; Shamrock Oil & Gas Corp. v. Commissioner, 35 T.C. ", But while Graham focused on controlling costs, he, like other CEOs of that era, also sought profits in new businesses. In the early 1970s, however, its Louisiana reserves began their natural decline. Furnel, Inc. is dedicated to providing our customers with the highest quality products and services in a timely manner at a competitive price. Caspary's charges had some legitimacy. Nevertheless, respondent himself has articulated his belief that the "natural gas" referred to in section 613A is "hydrocarbon gas." hills; over half the land area forested, supporting a major lumber WebThe La Land & Exploration Co U 004: API No. 17-023-20688: Well Direction: Operator: MCMORAN EXPLORATION COMPANY: Lease No. Section 613(b)(7) provides for percentage depletion at 14 percent for "all other minerals" except: Because petitioners' sulphur was not extracted from a mine but from hydrogen sulfide produced from oil and gas wells, respondent argues that the income from the sulphur is depletable, if at all, pursuant to section 613(b)(7) as an "other mineral." Respondent further argues that Congress would not have used the term "oil and gas wells" as opposed to simply "oil and gas" if it had not intended to limit percentage depletion for all products of oil and gas wells. Section 613A does not deny percentage depletion for [carbon dioxide]. Under the circumstances, we cannot say that the gas in question was subject to an existing contract at the time of the NGPA's enactment. See Black's Law Dictionary 1278 (5th Ed.1979). 1812; seceded from the Union, 1861; re-admitted, 1868; experienced The well effluent is initially treated in a separation system which uses gravity to separate the effluent into brine water, sour crude oil, and a sour gas stream containing natural gas, hydrogen sulfide, and carbon dioxide. The taxpayer may elect to convert part of his oil quantity into a depletable natural gas quantity based on a conversion ratio of 6,000 cubic feet of gas to one barrel of oil. Steward used excess cash flow--including $198 million from asset sales&mdash repurchase nearly 2.6 million shares and reduce LL&E's total debt by one-third. As LL&E operations grew, both sales and revenues increased. WebThe Louisiana Land and Exploration Company Address: 909 Poydras Street P.O. At all relevant times, petitioner sold the sulphur it produced to Freeport Minerals Co. Sulphur is depletable pursuant to section 613(b)(1) and not section 613(b)(7). It held working interests but did not actively manage projects. Supported by the Hunt family, which boasted a 12.3 percent block of LL&E stock, Caspary attacked LL&E's record since the mid-1970s, pointing to declining earnings, reduced dividends, falling reserves, and the copper acquisition. The Louisiana Land and Exploration Company LLC main competitors are Tallgrass Energy, BP Pipelines, and Vastar Resources. Construction began on a new catalytic reformer that would provide more highly valued refined products. 16. LA. This uncontradicted and consistent legislative record, therefore, reveals that Congress was concerned only with oil and gas when it approved section 613A. 17-057-02316: Well Direction: Operator: HUMBLE OIL AND REFINING CO. area, List of school districts in 30292-85, 37799-85, 47753-86. fishing, particularly for shrimps and oysters; a major source of (162m/532ft); vast coastal areas of marsh, lagoon, and THE LOUISIANA LAND AND EXPLORATION COMPANY AND SUBSIDIARIES, PETITIONERS LL&E traces its roots to the 19th century, when midwestern businessman Edward Wisner moved to Louisiana for his health. Between 1978 and 1980 LL&E's sales jumped from $549.4 million to $1.075 billion while earnings increased from $94.8 million to $180.2 million, despite $64 million in 1980 windfall profits taxes. Sec. Claus sulphur recovery plants, however, were not economically attractive investments until the value of sulphur began to rise significantly in the 1960's. Rec. The remainder of central and north Louisiana was home He added, however, "we are now talking about onepetroleumwhich is the most important of all energy items at this time." To do this, he committed major amounts of capital to new exploration initiatives. A township can refer to two different things. St. Bernard Parish, Baritaria (Crown Point), and Acadiana The amine solution absorbs the hydrogen sulfide and carbon dioxide and natural gas flow out of the top of the contactor. Texaco answered LL & E's petition for damages by denying that its royalty payments were improper, and subsequently filed a motion for partial summary judgment seeking a declaration that its payments were proper at least with respect to the gas it had produced from wells drilled prior to the enactment in 1978 of the Natural Gas Policy Act (NGPA), 15 U.S.C. (Lafayette), New Orleans Jazz National Historical Louisiana Historical Society and several works 121 Cong. After winning the proxy fight in 1983, Phillips sold LL&E's coal properties and bought back 71 million shares for $212.8 million. Hydrogen sulfide is a poisonous, highly corrosive gas which cannot be vented into the atmosphere in large quantities without serious deleterious effects. THE LOUISIANA LAND AND EXPLORATION COMPANY DONATES THE ISLES DERNIERES CHAIN OF ISLANDS TO THE STATE OF LOUISIANA. In February 1943, President E. B. Tracy signed a contract with Duval Texas Sulfur Co. that gave that company sulfur exploration, development, and production rights on LL&E's land and leased interests in Louisiana's Terebonne Parish. Texaco released the fee lands belonging to the company not located on or near the domes or structures which were then being operated by Texaco. The term "subject to," in its ordinary sense, means "subordinate to" or "governed or affected by". Accordingly, we affirm the partial summary judgment granted by the district court and remand the case for a determination of damages. 613A(c)(3). Of course, hydrogen sulfide is a gas naturally occurring in exhaustible deposits in the earth and falls within a technical classification of "natural gases." pelts, especially muskrat; second only to Texas in oil and natural 1885). 4625 (remarks of Representative Pickle) ("if we are going to repeal the depletion allowance in one area, * * * we need to look at the depletion allowance on these other minerals"). The state's principal agricultural outputs include seafood area, Baton Rouge metropolitan Phillips, meanwhile, continued to diversify. Section 613A bars percentage depletion for oil and gas wells with two exceptions. As the company expanded into working interests, it hired geologists, geophysicists, and engineers. We offer full engineering support and work with the best and most updated software programs for design SolidWorks and Mastercam. Canada by the British in the 18th-c); areas devastated by Hurricane As the largest owner of environmentally sensitive wetlands in the continental United States, LL&E had long been careful to protect its investment. Small producers must also separate hydrogen sulfide from natural gas before the natural gas may be transported through pipelines and used as fuel. The separated sour crude oil undergoes further treatment within the oil stabilization system, a pressurized vessel in which heat vaporizes and removes more of the dissolved sour gas (i.e., hydrogen sulfide, carbon dioxide, and natural gas). Sulphur is mentioned once in the congressional debates as part of a list of 108 mineral extractive industries for which percentage depletion was retained. The "depletable natural gas quantity" is whatever portion of its depletable oil quantity the taxpayer chooses to convert to natural gas at a conversion ratio of 6,000 cubic feet of gas to one barrel of oil. Commissioner v. Engle, 464 U.S. 206 (1984). 121 Cong. During the House debates, Representative Rhodes noted "that one of the reasons for this bill being brought here with some haste is the fact that we have a shortage of domestic petroleum." The district court's decision is a proper partial summary judgment under Louisiana Code of Civil Procedure article 966(C), which provides that summary judgment "may be rendered on the issue of liability alone although there is a genuine issue as to the amount of damages." Raising this argument for the first time in his post-trial brief, respondent would argue a case that petitioners were unable to develop for trial and would, consequently, prejudice petitioners' case. 82-17, 1982-1 C.B. The LOUISIANA LAND AND EXPLORATION COMPANY As LL&E expanded its exploration efforts (by 1974 it was exploring in southern Louisiana, the Rocky Mountain area, a geological stratum from northern Louisiana to Florida, and off the coasts of Louisiana and Texas) it began to act as operator in an increasing number of its working interest efforts. The percentage depletion rate for sulphur is 22 percent. The diagram on the facing page summarizes the sour production processing system used at the Jay Field Wells. Gayle Land Exploration Co specializes in Oil And Gas Exploration Services. Moreover, because petitioners do not qualify for percentage depletion under the exemptions set forth in section 613A(b) and section 613A(c), the sulphur is also not eligible for percentage depletion under section 613A. Oil and Gas Indian Communitization Agreement, Oil and Gas Simultaneous Lease Drawing (SIMO) on Public Land, Oil and Gas Simultaneous Lease Drawing (SIMO) on Acquired Land, Oil and Gas Non-Competitive Lease on Acquired Land, Louisiana Land & Exploration Co. is listed with 11 total leases. At that time, the lodge housed the Louisiana Land and Exploration Companys crew while they constructed a levee around the 3,000 acre property. The eleven leases involved here generally call for royalty payments based on the value of the gas produced. Section 613A seems also to use the term to mean a fuel, especially as applied in conjunction with Congress' goal of promoting domestic oil and gas production by subsidizing independent producers and royalty owners. Hydrogen sulfide, alone, or in combination with natural gas is also unsuitable for use as a fuel because the combustion of hydrogen sulfide produces sulphur dioxide, a toxic substance subject to control under Federal pollution standards. tourism. The user is responsible to verify the limitations of the geospatial data and to use the data accordingly. In no case shall the allowance for depletion under section 611 be less than it would be if computed without reference to this section. Subparagraph (C), which states the oil and gas well exception from depletion, states simply "oil and gas wells." Principal Subsidiaries: CL&E Corp.; Inexco Oil Co.; Wilson Bros. Drilling Co.; Molokai California Ltd.; LLOXY Holdings, Inc.; White Pine Leasing, Inc.; LL&E Properties, Inc.; Westport Utilities Systems Co., Inc.; LL&E (Netherlands) Inc.; CLAM Petroleum Co.; MaraLou Netherlands Partnership (50%). The Louisiana Land and Exploration Company LLC has 581 employees, and the revenue per employee ratio is $481,927. Therefore, we hold that the district court correctly concluded that Section 109 of the NGPA regulates the ceiling price for the gas in question. Click the citation to see the full text of the cited case. The following June a wholly owned subsidiary of LL&E, the Sun Fire Coal Company, began to develop an underground mine near Hazard, Kentucky. Thus, it falls in the category of all other minerals described in section 613(b)(7) and is eligible for percentage depletion at the rate of 14 percent. Rec. This web site and associated pages are not associated with, endorsed by, or sponsored by The Louisiana Land And Exploration Company and has no official or unofficial affiliation with The Louisiana Land And Exploration Company. In determining this price, Texaco claims that Section 105 of the NGPA, entitled "Ceiling price for sales under existing intrastate contracts," is applicable. Sulphur is not depletable under section 613(b)(7) because depletion for sulphur is expressly provided for in subsection (b)(1). In 1984, the Supreme Court considered the effect of section 613A on percentage depletion of oil and gas income and concluded that sections 611-613A permit an allowance for percentage depletion on lease bonuses at some point during the productive life of the lease, regardless of when actual production of oil and gas occurred. James This implication, however, is improper given the historical application of the term "oil and gas well" in the depletion provisions to mean simply "oil and gas." Oil and gas often become trapped in the pockets that form around these structures.) WebIn 1946, this original structure was acquired from the Sun Oil Company and transported by barge from Cocodrie, LA to its current location in Paradis. by Fr. WebThe Louisiana Land And Exploration Company LLC is categorized under Crude Petroleum & Natural Gas Extraction. 4611 (1975) (remarks of Representative Green); 121 Cong. The venture's finances faltered and in time there were foreclosures. The acid gas next is separated from the amine solution and passed into a multistage Claus sulphur recovery system, where hydrogen sulfide is converted into molten elemental sulphur by controlled combustion with air. While entities may have multiple locations, this is based on the address registered for the lease. Rec. LL & E's position is that Section 105 does not determine the ceiling price for this gas because the gas is not "subject to" any contract; instead, the LL & E gas is being used to fulfill these particular contracts solely because Texaco has chosen to use it rather than to use gas from other reserves. The Louisiana Land and Exploration Company (LL&E) is one of the largest independent oil and gas exploration companies in the United States. Wednesday, July 9, 1997. The primary issue on appeal is whether that value should be determined under Section 105 of the NGPA, as Texaco argues, or under the higher ceiling price reflected in Section 109 of the NGPA, as LL & E claims. The company had few employees and operators shouldered the major expenses of exploration and development. Natchez, Jean Lafitte National Historical Park and WebArising under the 2006 version of La. WebThe Louisiana Land And Exploration Company LLC 806 Bayoo Black Drive Houma, LA Visit Website Categorized under Oil and Gas Producers Apache Louisiana Minerals LLC 1913 La Products; Resources; My Account; Talk to a D&B Advisor 1-800-280-0780. Business Directory. And profit sharing on top of the royalty was unheard of.". Listed below are those cases in which this Featured Case is cited. 121 Cong. WebLOUISIANA LAND AND EXPLORATION, COMPANY, THE was registered on Nov 12 1974 as a foreign profit corporation type with the address 225 BARONNE ST., NEW ORLEANS, LA, During the years in issue, petitioners were engaged primarily in exploration for and development, production, refining, and sale of crude oil and natural gas and exploration for, production and mining of other minerals such as sulphur, gold, silver, copper, and coal in the United States and several foreign countries. around New Orleans; special population groups of Creoles (French production; foods, clay, glass, transportation equipment; tourism growth rate 2000?2005, Cane River National Heritage Area near The data and maps may not be used to determine title, ownership, legal descriptions or boundaries, legal jurisdiction, or restrictions that may be in place on either public or private land. In 1974 Jacinport reported $2 million in real estate sales. With no more than 4.4 years of proven reserves on hand in 1980, Phillips needed to find new reserves at a reasonable cost if he was to insure the company's continued profitability. Congress also was concerned, however, with the shortage of hydrocarbon fuels and the need to encourage domestic exploration for and exploitation of new sources of fuel.
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